United News of Bangladesh

The National Board of Revenue (NBR) on Thursday issued a gazette notification exempting import duty on sugar and eggs, and import and local VAT on edible oil to increase supply and rein in the prices of these essential commodities. According to an NBR press release, the existing import duty on eggs has been reduced from 25 percent to 5 (five) percent – which will reduce the price of eggs by Tk 13.80 per dozen at the import stage. Govt slashes VAT on import of edible oil Due to the reduction of import duty, the supply of eggs in the market will increase and the price of eggs will be reduced at the consumer level, so it will be more affordable to general consumers, the NBR hopes. It also said that the costs of egg-using industries such as confectionery, bakery, egg-based food producing industry will be cut, returning “relief and balance” to the market. This facility will remain in force till December 15, 2024. In the case of supply of refined soyabean oil and refined palm oil, the NBR press release said that 15 (fifteen) percent VAT imposed at the local production level and 5 (five) percent at the local business level has been exempted and the import level VAT has been fixed at 10 (ten) percent instead of 15 (fifteen) percent for the import of crude soybean oil, crude palm oil, other including refined palm oil and refined soybean oil. Due to the reduction and withdrawal of value added tax at the import stage and at the local level, it will be possible to keep the price of this essential commodity at a tolerable level in the market despite the increase in the price of edible oil in the international market, the NBR said. This facility of edible oil will remain in force till December 15, 2024. On October 8, the existing regulatory duty on refined and unrefined sugar was reduced from 30 percent to 15 (fifteen) percent. The National Board of Revenue (NBR) has reduced the import duty on refined sugar from Tk 6,000 to Tk 4,500 per metric ton within a week to increase the supply of refined sugar in the market. Due to the significant reduction of import duty and regulatory duty on refined sugar, the supply of refined sugar will increase in the market by increasing the import of refined sugar and it will be possible to keep the price of sugar at a tolerable level, the NBR said.

Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood emphasized on Wednesday that the country’s capital market should be the primary source of long-term financing for investment in Bangladesh's economic future. He stressed the need for collaboration and transparency between the regulatory body and the Dhaka Stock Exchange (DSE), signaling a shift towards a more participatory approach. Chinese firm to invest $5.85 million in Adamjee EPZ “Everyone has a significant role to play in achieving this goal,” Maqsood said during a discussion with the DSE's board of directors. “The BSEC will only intervene in policy matters, ensuring that the relationship between BSEC and DSE remains participatory, transparent, and fair.” The meeting took place at the DSE boardroom, where Maqsood outlined that the BSEC aims to foster a fair and structured approach in its dealings with the stock exchange, rather than imposing unilateral decisions or acting outside the legal framework. All RMG factories except 3 open in Savar, Ashulia, Gazipur The discussion was attended by several high-ranking officials, including BSEC Commissioners Mohsin Chowdhury, Ali Akbar, and Farzana Lalarukh. Leading the DSE delegation was Chairman Mominul Islam, accompanied by members of the DSE Board of Directors.

The Bangladesh Financial Intelligence Unit (BFIU) ordered banks and financial institutions freeze bank accounts of Mojammel Haque Babu, former chief editor of Ekattor Television and president of the Editors Guild, his wife Aparajita Haque, a former lawmaker and their child Sababa Ishayat Haque. The intelligence agency of the central bank issued the directive on Monday. According to a letter from the Bangladesh Bank, all transactions related to the seized accounts will be halted. No transactions will be permitted in these accounts for the next 30 days. The letter also reads that suspension of transactions is in accordance with relevant provisions of anti-money laundering regulations. Read: Mozammel Babu, Shahriar Kabir placed on 7-day remand It includes details such as the names, addresses, and national identification numbers of Babu and his wife, as well as a request for comprehensive information regarding their bank accounts and those of their owned businesses. Mojammel Haque Babu was arrested on September 16 while attempting to cross into India via the Dhobaura border in Mymensingh. Since then, he has been in jail. Read more: Journalists Mozammel Babu, Shyamal Dutta held in Mymensingh while trying to cross the border into India

The Dhaka Chamber of Commerce and Industry (DCCI) believes that the private sector is facing various challenges including devaluation of taka, high inflation, lack of enough foreign exchange, growing lending rate and obstacles in opening LC (Letter of Credit). Ashraf Ahmed, president of DCCI, said this at the discussion titled "Easing the Business System: An International Trade Perspective”, organised by the trade body at its Auditorium on Tuesday. The DCCI president said that the contribution of international trade to GDP is about 25 percent. Restoring confidence in industrial sector crucial for macroeconomic stability, say speakers at DCCI Seminar However, in order to increase this rate further, it is necessary to increase the automation of port and customs operations, increase logistics facilities, reduce the incoordination of related government agencies, improve the balance of payment conditions, increase foreign reserves, and reduce the interest rate of bank loans logically, said Ashraf. Apart from this, Ashraf Ahmed pointed out that business costs are constantly increasing due to the imposition of various types of fines and procedural complications in the importation of the port. He opined that the government is setting an export target of US $57.5 billion for the fiscal year 2024-25, to achieve this target and increase overall exports, automation and facilitation of operations at all ports, ensuring modern facilities, skills training of C&F agents, port and customs house personnel is required. Businesses agree with central bank's steps against bank robbers: DCCI Emphasis should be placed on growth, improvement of land, rail, and water connectivity with ports, and increase in foreign exchange reserves to facilitate international transaction process, he pointed out. Member (Finance) of Civil Aviation Authority of Bangladesh S M Lablur Rahman, Member (Harbor & Marine) of Chittagong Port Authority Commodore M Fazlur Rahman, BSP, psc, BN, Deputy Secretary (Director, Traffic) of Mongla Port Authority Md. Kamal Hossain, Joint Secretary (WTO Wing), Ministry of Commerce Dr. Farhana Iris and Superintendent Engineer of Bangladesh Land Port Authority, Md. Hasan Ali joined the event as a designated discussant. DCCI urges immediate restoration of rule of law, revival of economic activities    

Director General of the Directorate of National Consumer Rights Protection Alim Akhter Khan on Tuesday said eggs must be sold at the government-fixed rates from Wednesday. During a meeting with egg producers and suppliers on Tuesday afternoon, the DG said from Wednesday, the price of each egg at the production level will be Tk 10.91, at the wholesale level Tk 11.01, and at the retail level Tk 11.87. Read: Govt permits import of 40.5 million eggs to stabilise market The consumers will get a dozen of egg at Tk 142.44 from now, he said. Alim said from now on, there will be no involvement of middlemen in the egg market.

Bangladeshi expatriates have sent US $986 million in remittance in 12 days of October, showing an upward trend of inward remittance flow in the legal channel. According to the latest update of the Bangladesh Bank (BB), the expatriates have sent $8.22 crore in the country in a day till Monday (October 14). Bangladesh received a $425mn remittance in 5 days of Oct: BB Analysing the central bank data shows that state-owned 6 bank received $ 245.57 million in remittance, specialized Bangladesh Krishi Bank received $44.45 million, 43 private commercial banks received $693.57 million and 5 foreign commercial banks received $2.64 million in remittance till Monday. Forex reserves increase thanks to positive trend in remittance inflow: Bangladesh Bank In the current fiscal year FY2024-25, the expatriates sent $1.91 billion remittance in July, $2.22 billion in August, and $ 2.4 billion in September.

The Bangladesh Bank (BB) has increased the values of commemorative gold coin prices by Tk10,000 in line with the record price surge of gold in the country. BSEC Chairman urges stakeholder cooperation for stock market reforms The prices of commemorative gold coins weighing 10 grams with boxes titled 'International Mother Language Day-2000', 'Bangabandhu Centenary 1920-2020' and 'Golden Jubilee of Independence 1971-2021' made of 22-carat gold, has been revised to Tk1,25,000, the central bank said in a notification on Monday. Government plans major redesign of Taka notes, removing Sheikh Mujibur Rahman’s image The new prices will come into effect tomorrow (Tuesday).  

City Bank Director Rubel Aziz has expressed his intention to sell 34 lakh shares from his holdings in the bank at the prevailing market price. He announced a disclosure published on the Dhaka Stock Exchange (DSE) online on Monday (14 October). According to the disclosure, Rubel Aziz holds more than 3.08 crore shares of City Bank. Out of his holdings, Rubel will sell 34 lakh shares in the public market of the DSE within 31 October. BSEC Chairman urges stakeholder cooperation for stock market reforms On the day, City Bank shares traded at Tk22.50. City Bank's consolidated net profit for the first half of 2024 increased by 5 percent to Tk250 crore compared to the same period last year. The price-sensitive information of the private sector lender saw that consolidated earnings per share (EPS) for the January-June period was Tk1.85, up from Tk1.76 a year ago. BSEC and World Bank discuss capital market reforms in Bangladesh

Chairman of the Bangladesh Securities and Exchange Commission (BSEC), Khondoker Rashed Maqsood, emphasized the need for active cooperation from all stakeholders to drive the development and reform of the country’s stock market.   During a meeting with top representatives of the DSE Brokerage Association (DBA) on Monday at the BSEC headquarters in Agargaon, Dhaka, the Chairman called for coordinated efforts from all institutions involved in the stock market to support ongoing reform initiatives.   The BSEC has recently formed a task force to spearhead stock market reforms, and the task force has already begun its work, according to a press release from the commission. Maqsood stressed the importance of collaboration between the BSEC and other market participants to build a sustainable and prosperous stock market for the future.  

Trade between Bangladesh and India through the Benapole land port resumed on Monday morning after a five-day closure marking Durga Puja, the largest religious festival of Hindus. Shamsur Rahman, president of the Benapole Clearing & Forwarding agent, said the land port again became vibrant with activities. Read more: 479 MT hilsa exported to India through Benapole Hundreds of Indian trucks carrying goods started entering the land port in the morning as those were stranded at the Indian end for the last five days, he said. Imtiaz Bhuiyan, Officer-in-Charge of Benapole Checkpost Immigration police, said the movement of passengers between the two countries with valid documents remained uninterrupted.